Seongdong-gu, Seoul, plans to additionally issue local currency ‘Seongdong Sarang Gift Certificates’ worth 26 billion KRW ahead of the Chuseok holiday. The issuance date is set for 1:00 PM on September 17.
The issuance scale for this year’s Chuseok gift certificates has increased by 8 billion KRW compared to last year’s 18 billion KRW, reaching a total of 26 billion KRW. The discount rate has also been raised from 5% to 7%, allowing buyers to receive greater benefits.
The gift certificates can be purchased up to 500,000 KRW per person per month through the Seoul Pay Plus (Seoul Pay+) app. The individual holding limit is 1.5 million KRW, and up to 30% of the expenditure can be deducted from income during year-end tax settlements. Small business owners benefit as transaction fees are waived when they accept these as payment.
Earlier this year, Seongdong-gu issued 20 billion KRW in January and 5 billion KRW in April. At that time, a 5% discount and a 2% cashback event were held, leading to a complete sell-out.
Jeong Won-oh, the Mayor of Seongdong-gu, stated, “With the expanded discount rate and issuance scale, I hope this newly issued Seongdong Sarang Gift Certificates will support citizens and small business owners struggling due to the economic downturn. We will continue to put efforts into revitalizing the local economy.”